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Minimum Exchange Rate for CHF Discontinued
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Minimum Exchange Rate for CHF Discontinued

  #11 (permalink)
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CobblersAwls View Post
I believe it was around 200 points at the time. Being an OTC product it's hard to get much done in situations like these so I feel pretty bad for the guy. We can only really lean on them and apply pressure to improve the fill. I doubt there's much they'll do though.

Ouch! Is this more common in forex currency pairs only? What about the futures contracts. I wonder what happen with like the @SF contract when it started breaking to the upside

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  #12 (permalink)
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haonkered View Post
Ouch! Is this more common in forex currency pairs only? What about the futures contracts. I wonder what happen with like the @SF contract when it started breaking to the upside

It's the largest spread I've ever seen in fx, but I've heard tales of similar stories in stocks amongst others. I don't think it'd be so bad if he was trading on a futures exchange as it's more tightly regulated and participants can see eachothers orders/market depth so the spread would widen but not as much due to less fear. The problem with OTC is that you don't have the safety of regulation, accountability or any sense of depth which is the reason I wouldn't trade them personally.

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  #13 (permalink)
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Big Mike View Post
What was the spread?

Sent from my phone

If dealing with OTC as it sounds like he was, it was whatever the dealer wanted to give him, which was clearly the worst deal possible. Bucket shops 101.

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  #14 (permalink)
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josh View Post
If dealing with OTC as it sounds like he was, it was whatever the dealer wanted to give him, which was clearly the worst deal possible. Bucket shops 101.

It was actually 'DMA' so went into a liquidity pool made up of all sorts (brokers/banks etc). Even so, the whole OTC industry is dubious and I'd never trade my own money on it. That's from someone who works in and around it.

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CobblersAwls View Post
It was actually 'DMA' so went into a liquidity pool made up of all sorts (brokers/banks etc). Even so, the whole OTC industry is dubious and I'd never trade my own money on it. That's from someone who works in and around it.

That is the point. It was a black swan in a rigged game. There is nobody to protect you when a shark eats you alive.

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  #16 (permalink)
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Fat Tails View Post
That is the point. It was a black swan in a rigged game. There is nobody to protect you when a shark eats you alive.

for some otc products it's better to do it the old fashioned way and use the phone and ask for a quote. but don't tell them what side you're interested in

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God bless @kbit and his news articles...

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  #19 (permalink)
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many people have profited from the 1.2 peg for the past 3 years. it is almost too easy money - long EUR/CHF when its near 1.2

in fact not just too long ago 2-3 weeks? when SNB announced negative interest ( EUR/CHF was 1.207-1.212) all the longs was winning big - it jump at lest by 70 pips.

But EUR/CHF returned close to 1.2 again very soon ... i thought it was strange but that probably tempted many people who were won previously to take a bet again - probably even a bigger bet since they expect SNB to defend the peg again


Last edited by jonc; January 16th, 2015 at 01:51 AM.
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  #20 (permalink)
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OK, I'm new to this so excuse my naive question. Why was everyone surprised at this change?
I am developing a Forex forecasting system with a colleague and we have the software in beta now. We were running it this week and we were showing some enormous changes relating to CHF.
Being new to this we thought there was a bug with our software and we started to try and trace the fault. The following day the market moved as per our forecast.
If us two amateurs can forecast this with our unproven software what happened to all the sophisticated and mature systems that are currently on the market.
I can provide screen shots of our forecast if that is allowed on this forum?

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